Management involves judicious deployment of resources for the achievement of certain goals. It is concerned with ideas, things and people in the following ways:
Management of ideas: Management of ideas is very crucial for economic and social development. It is the job of management to generate, organise and articulate creative ideas and transform them into operating results. These ideas relate to new products, new markets, and improvements in existing products and markets.
Management of ideas is very relevant in the context of rapidly changing technologies, consumer preferences, product market configurations, social values and government involvement in business. Management of ideas involves intellectual, creative and innovative processes.
Ideas provide the basic inputs and inspiration in the management process. Decision making process involves conversion of ideas and information into action. Ideas help management in ensuring the survival and growth of organizations. Management theory is the major source of ideas for management practice.
Thus, management of ideas has three main implications: (a) it requires a practical philosophy of management to regard management as a distinct and scientific approach, (b) it involves the planning phase of management, (c) it requires innovation and creativity. Implies generating of new ideas and innovation means transforming ideas into viable realities and utilities.
Management of things:
Management of things refers to the mobilization, allocation and deployment of materials, machinery, technology and other facilities to convert ideas into results and performance.
It is the conversion of resources into outputs efficiently and effectively that determines the success of management. Ideas will remain ideas unless they are converted into results through the conversion process.
Management of people:
Management of people refers to the procurement, development, maintenance and integration of human beings working in the organization. It is the most important task of a manager because without people no manager can manage ideas and things.
In the early stages of the evolution of management people were treated as part of things. But after the House Thorne Experiments it has been realized that people are the most critical factor in management.
Since then there has been growing concern for people inside the organization as employees and outside the organization as customers, investors, suppliers and the general public.
Management must understand and fulfill the needs, aspirations and values of people. Management is the direction of men, not of things.
Thus, management may be defined as the process of converting ideas into results by getting things done through people in an organized setting.